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there. this has been telegraphed in the market, ben bernanke the head of the federal reserve signaled that rates would eventually have to go up, so why not begin with one of the more innocuous rarates? i'm not saying it's a big deal. in the economy we're having to see the federal reserve is taking the foot to brake here hiking a key interest rate. not the federal funds rate. overnight bank lending rate, that a lot of sus a lot of loans pegged to, but a rate some say in time, those rates will be effected. laffer joining me now, one -- art laffer joining me now. one of the premier economists for the last century, not because he paid me to say good things about his book "return to prosperity." a brilliant mind and another brilliant book, and art laffer, your brilliant take on rate hike? >> thank you very much. it's about time. the fed increased the monetary base enormally, 16, 17 months ago. we've been at a zero interest rate for a long, long time. >> neil: this is still low, three-quarters. >> it is. but time to look at inflation. year over year numbers, getting higher. it's baked in t
this is "fox news channel," the most trusted name in news. >> neil: think quick. ben bernanke, tim geithnerer, toyoda, what do they have in common today? all under fire from a congress eager to take the heat off itself and put it on someone, anyone but them. these guys more than fitting the bill. welcome, everybody, i'm neil cavuto. with the fireworks, they easily could have made them pay per view but for pure theater, triple cast gold has to go to the congressional grilling of akio toyoda, the toyota chief who took responsibility for a mess he says is contained butty. then it got nasty. >> let me see, is that a yes or no? that's what i'm trying to get to. >> steven morris says the implications of this nastiness are bigger than you know. steve, explaining. >> by the way, was that a yes or no? >> i don't know, man oh man. what a parade here. >> it was high theater today and you're right, i like the way you opened it. when you're one of the most unpopular groups in america as congress is, go after somebody more unpopular which is toyota. but this was a small of congress to bring this
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